Turning paper dinar into electronic dinar

[Rabbit]

After the IQD RVs and then becomes internationally recognized and therefore traded on Forex, could a person physically deliver their dinar to a Forex office and exchange it for electronic dinar? At that point, if that could be done, since the holding was still in dinar, I would think that would not be a taxable event? Does anyone know if this could be done and if it would be a taxable event.

[Frank61]

After the IQD RVs and then becomes internationally recognized and therefore traded on Forex, could a person physically deliver their dinar to a Forex office and exchange it for electronic dinar? At that point, if that could be done, since the holding was still in dinar, I would think that would not be a taxable event? Does anyone know if this could be done and if it would be a taxable event.

That $$ gain would have to come out in the wash at some point.

[Rabbit]

Yes but then, if there was a cash in window, that wouldn't apply and you could push a button when you wanted on rate.

[new2dinar]

I am interested in this. I am thinking if it RV's at a low rate, then cash all in to get rid of the high bills. Then I would reinvest some of my cash in the dinar on forex. I have no clue as to how to go about that. Anybody got any suggestions as to how to buy currency on forex?

[Chefboyrd]

Easy to do , Just set-up a FX acct with one of the best brokers you can find. Now you will only have 50-1 leverage but that is still plenty, open up a buy or "go long" position and do not overleverage/extend yourself so that you do not have any margin calls. and ride the wave as a long term position for a couple of years see what happens. That what part of my plan is anyway.

Aloha!

[GolferDan]

This sounds like a brilliant idea ...

[TimS]

you do not pay taxes until you realize a real profit.......if you have a position (long- meaning a fully paid for currency) that goes up in value you only have a paper profit. until you actually sell it for a real profit do you become obligated to pay taxes.

The only issue I am not sure on is what will the timeframe be between when the dinar RV's and when it will trade on the forex? If there is a time frame and it is longer than the period you must turn in your large bills, you may not be able to deposit it in an account because I think a broker won't accept the dinar into an account until it is a tradable currecny........is that clear or did I just muddy up the water more?

[new2dinar]

Easy to do , Just set-up a FX acct with one of the best brokers you can find. Now you will only have 50-1 leverage but that is still plenty, open up a buy or "go long" position and do not overleverage/extend yourself so that you do not have any margin calls. and ride the wave as a long term position for a couple of years see what happens. That what part of my plan is anyway.

Aloha!

ok thank you. Your info is a huge help. I am new at currency investing. I have the idea and know what I want to do, just got to get the "road map" of how to get it done. Thanks for this!

[djwebby]

This is one of the reasons why Iraq won't have the burden of coming up with trillions of dollars to buy our dinars. Other people all over the world will want to hold the dinar just as they do with other currencies so their money will help in the cash in process once the reval comes about.

[ronbo62]

I am interested in this. I am thinking if it RV's at a low rate, then cash all in to get rid of the high bills. Then I would reinvest some of my cash in the dinar on forex. I have no clue as to how to go about that. Anybody got any suggestions as to how to buy currency on forex?

Go to Babypips.com

[jeg]

You did not answer the question if a forex dealer will accept the smaller denominations of IQD. If you "cash in" the large bills for US dollars you will pay taxes. If you cash in large bills for smaller ones say, via Ali, you will not pay taxes yet, so the question now is, how do you cash in the smaller bills without paying the taxes up front? If you could trade them in at a forex dealer and they would put the money in your account you could then purchase the smaller ones via forex and then only pay taxes on the gain from that point on.